We're looking for the OPEC-led production cuts, the tensions in the Middle East between the USA and Iran, and the sanctions against Iran and Venezuela to continue to provide support.
Opec+, the alliance headed by Saudi Arabia and Russian Federation that is undertaking crude production cuts since January, formally agreed to extend restrictions until March, as the group anticipates a resurgence of U.S. shale.
Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members, at their headquarters in Vienna, Austria, Tuesday July 2, 2019.
The ministers also made a decision to keep the maximum level of the cuts (1.2 million barrels per day) intact in order to maintain stability and avoid the future build-up of inventories, he said.
"With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014".
"The rate of the last five years is another option, which we think is unsuitable. It is possible that it could be up to nine months", Putin said. It will also cause OPEC to lose more market share to US oil producers, stated Hans van Cleef, senior energy economist with ABN-AMRO.
The cartel meanwhile remains on red alert over escalating US-Iran tensions that have fuelled recent strong oil-price gains - but it and other producers are unlikely to end output cutbacks just yet.
"I don't think Russian Federation is calling the shots", said Saudi Energy Minister Khalid al-Falih when asked if Putin was now OPEC's boss.
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She spoke of the role her parents played saying: "My parents will be super happy, my dad was jumping up every time I won a point". Gauff also paid tribute to her idol, claiming she wouldn't be playing tennis if it wasn't for the Williams sisters .
The Federal Reserve is meanwhile widely tipped to cut interest rates at its next policy meeting this month and the release of a USA jobs report Friday will be closely followed as a weak reading could boost the case for a big reduction.
"There are all kinds of features today with new technology that make it actually very unsafe to OPEC's long-term interest to really jack around the price of oil".
"We are going to do all that is necessary to defend our territory, our assets, our shipping lanes and make sure that the energy security of the world is not taken hostage by any regime", the Saudi oil minister told CNN.
Quizzed about the so-called "pre-deal" unveiled in Osaka, Mazrouei replied: "Each country's voice counts and each country can veto a decision". Over the longer term, however, demand could weaken according to the International Energy Agency, which cut its demand estimate earlier this month. "Our objectives related to market stability are now matched by the horsepower needed to deliver them".
"If sanctions are lifted, then the United States can see a change in the atmosphere, and we can do a lot in return", Zanganeh said.
"Oil market was stable in the first half".
They jumped further after Washington blamed Tehran for a second spate of such incidents close to the strategic Strait of Hormuz shipping lane in mid-June. With oil price trading within our expected trading ranges there is no reason to revise our oil price forecasts at this stage.